PMV wants to get back investment in Electrawinds - report

(SeeNews) - Sep 19, 2013 - Participatiemaatschappij Vlaanderen (PMV), an investment firm of the Flemish government, is looking to get back the money it invested in Belgian wind farm operator Electrawinds NV four years ago, De Standard daily reported today.

In 2009, when PMV injected EUR 15 million (USD 20.3m) in Electrawinds, it was agreed that PMV could require back the money within a certain period.

PMV has the right to require the investment back from next month. The money has to be repaid by Winpar, the holding company of Electrawinds CEO Luc Desender, which holds a 31.3% stake in the wind farm operator.

According to the report, however, Winpar does not have the financial means to cover the whole payment, which means it would have to give up shares in Electrawinds. This would weaken Desender's control over the wind company.

The CEO declined a comment on the matter, De Standaard said.

(EUR 1.0 = USD 1.355)

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